58.2% Drop Since My First Warning on Ripple! You With Me? (XRP)
Hi friends! As many of you know, I issued my first major warning on Ripple, on January 11th, when it was trading at $2.03! If you'd like to review that post, it was called "Don't Say I Didn't Warn You. Ripple! (XRP)." Since then, XRP has fallen to a low of 87 cents! That's a 58.2% decline! Let that sink in for a minute. Do you see the enormous value of my analyses? Ripple isn't the only example either. I don't mean to boast. I'm just trying to highlight the incredible value and accuracy of my charts. Most of the other "Top" analysts on TradingView, have been calling for cryptos to skyrocket, if you listened to them, you would be in a world of hurt right now. I'm just saying. Ok, lets look at XRP!
Looking at the four hour chart, we can see that XRP has fallen from the head and shoulders pattern, and has reached my first and second targets. Additionally, XRP has dropped back into the downtrend channel, and is testing the bottom side of some overhead resistance (red dotted trendline.) Technically, we are in oversold territory on the indicators, so a slight pause in selling pressure is possible. Although, as "possible" as a pause may be, I'm not so sure that it's probable. On the MACD, sell-side momentum is still expanding, meaning that this market could drop even deeper into oversold territory. The clear downside support is at the 78.6% retrace, near 90 cents. Interestingly, you can see that a slightly rising level of support (blue trendline) is also converging with the 78.6% retrace. A convergence of support levels increases the legitimacy of the support. However, if a level of convergence is broken, it generally results in more rapid selling. Taking a closer look at the blue support level, we can see tat it has held on 5 separate occasions. However, if XRP starts to test it with increasing frequency, that would increase the likelihood of it being broken. Until then, I think it's safe to assume that the blue trendline will be supportive. On the upside, resistance remains at the red dotted trendline, and then the top of the downtrend channel. It is possible, that XRP trades into the corner formed between the blue trendline and the top of the falling parallel channel, before breaking up or down. I'll keep you posted, as the chart develops.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone. I'm out!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Looking at the four hour chart, we can see that XRP has fallen from the head and shoulders pattern, and has reached my first and second targets. Additionally, XRP has dropped back into the downtrend channel, and is testing the bottom side of some overhead resistance (red dotted trendline.) Technically, we are in oversold territory on the indicators, so a slight pause in selling pressure is possible. Although, as "possible" as a pause may be, I'm not so sure that it's probable. On the MACD, sell-side momentum is still expanding, meaning that this market could drop even deeper into oversold territory. The clear downside support is at the 78.6% retrace, near 90 cents. Interestingly, you can see that a slightly rising level of support (blue trendline) is also converging with the 78.6% retrace. A convergence of support levels increases the legitimacy of the support. However, if a level of convergence is broken, it generally results in more rapid selling. Taking a closer look at the blue support level, we can see tat it has held on 5 separate occasions. However, if XRP starts to test it with increasing frequency, that would increase the likelihood of it being broken. Until then, I think it's safe to assume that the blue trendline will be supportive. On the upside, resistance remains at the red dotted trendline, and then the top of the downtrend channel. It is possible, that XRP trades into the corner formed between the blue trendline and the top of the falling parallel channel, before breaking up or down. I'll keep you posted, as the chart develops.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone. I'm out!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-